Financial Advisory Services for Education Planning
Get Educated on Education Planning
Going to college during the 20th was considered a privilege for a select few. In the 21st century, going to college has not only become the norm but an expectation for certain professions. Our financial advisors at McCabe & Associates can help your family get on the right track.
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Saving for College is Not Always Straightforward
In the 20th century, parents traditionally put money into a savings account and had their child bridge the college cost gap by working their way through school. However, this approach has begun to fall short because:
- Yields on savings accounts had trouble keeping up with college inflation over several decades.
- Wage inflation for college-age workers also lagged college inflation, making it difficult to close the college cost gap.
McCabe Mindset: Don’t Save for College, Invest for College
Through careful planning, our advisors here are committed to offering:
Future Savings Planning
Figure out how much you need to save for college even though it’s 10-15 years away.
Tax-efficient Vehicles
Decide on what are the most cost and tax-efficient vehicles for education savings (529s, ESAs, etc.)
Surplus Strategy
Explore advanced planning to let you know what the best options are when you’ve saved too much for college.
Professional Guidance
Connect with outside professionals to consult on college choices and survey the financial aid landscape.
Get Started with a College Savings Planner
It’s never too early to start getting a sense of how much college will cost for your kids. Our advisors frequently use a College Savings Planner to help you project how much you will need to save for those education needs even if they are 10 or 15 years away. We can help you look at public, private, or college specific scenarios to help you plan for a variety of different options.
Let’s Discuss Your Education Planning Needs
Using our virtual family office, you can meet with our advisors from the comfort of your own home while receiving the same level of service you deserve.
The McCabe Difference
We offer tailored experiences for high-net-worth and ultra-high-net-worth individuals.
We take a collaborative approach with other professionals.
We embrace traditional and cutting edge technology to match the times and offer you better solutions.
We prefer a depth of expertise in fewer areas, to being generalists.
We have over 40 years experience in this industry helping hundreds of clients.
Schedule A Meeting
Schedule a meeting with our advisors by using our Second Opinion Service, our advisors’ Calendly links, or simply call our office main line.
Meet With Your Advisor
Meet with your designated advisor virtually or in-person to get to know each other and the rest of your family. Many times, a follow-up meeting will be beneficial so you know the value that will be provided before you become a client of the firm.
Complete Our Onboarding Process
Assuming you and the advisor see the potential for a long-term relationship, our staff will guide you through our onboarding process to set up accounts with our custodian and join our portfolio monitoring system, Black Diamond.
Frequently Asked Questions
Does 529 money have to be used for college?
Generally, yes. However, new changes to the law have given people more flexibility in their options. Please consult one of our advisors for more information.
Can 529 money be used for high school education?
It depends on the state, and there are limits to how much can be used each year. Please consult your accountant to review potential tax consequences.
Can I get a tax deduction for contributing money into a 529 education account?
It’s possible to get a state tax deduction if your state has a state-sponsored 529 program. Please consult our advisors to see if your state has one of these programs.